MIAMI, Feb. 16, 2006 (PRIMEZONE) -- Management of Site Works Building & Development Co., (OTCBB:SWKJ) construction service and real estate development company, announced today that the company has closed on its refinance of its Chiefland property.
The Chiefland property is a 33,000-square-foot former Wal-Mart store which was acquired last year. The property was recently appraised at $2,900,000.
Current plans call for the construction of a mini-mall for initial rental income and eventually for sale as condo units. Management expects to have the buildout completed and the product on the market by the end of this fiscal year.
The refinancing with Allied Mortgage was arranged by Aim Funding and is for $1,260,000.
CEO Mike Nurse notes on other developments arising from his most recent trip to Bangkok: "We restructured our operations in Thailand to assure more corporate control. We have also revised our corporate strategy in the Thai market to adopt the role as a builder-developer. We expect to be executing our first contract for land purchase via our Thai affiliate Siteworks Building and Development Thailand in March."
Site Works is a Florida company engaged in the business of total site and built environment solutions. The company's core business is the performance of construction services. SiteWorks also performs construction management and general construction services. Other services provided include the marketing and distribution of innovative construction related and other technology products.
This press release contains "forward-looking" statements as that term is defined by Section 27A of the Securities Act of 1933, as amended, (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended, (the "Exchange Act"). All statements that are included in this press release other than statements of historical fact are "forward-looking" statements. Although Siteworks believes that the expectations reflecting in these forward-looking statements are reasonable, it can give no assurance that such expectations will materialize. Important factors could cause actual results to differ materially from the expectations as disclosed herein, including without limitation, in conjunction with these forward-looking statements contained in this press release.